Clean Power Funding Surpasses Fossil Fuels, But Rich Nations Keep Bankrolling Dirty Energy: Report
A new report reveals that public financing for clean energy has surpassed fossil fuels for the first time, though wealthy nations continue to heavily subsidize oil and gas. The study highlights that current funding levels remain insufficient to meet global climate goals.
Why it matters
The transition to clean energy is being hindered by the continued financial support of major economies for fossil fuel projects.
For the first time on record, major international public financial institutions are providing more financing for clean energy around the world than for fossil fuels. But wealthy nations, including the United States, continue to pour billions into oil and gas, hampering the global energy transition, according to a new report.On Wednesday, two environmental advocacy groups—Oil Change International and Friends of the Earth US—published an analysis of new data on public financing from Group of 20 (G20) nations and multilateral development banks for clean energy projects, such as wind and solar, and planet-warming fossil fuels, including oil, gas, and coal.They found that from 2023-25, public financing for clean energy averaged at least $52.7 billion annually, compared with just $36.3 billion for fossil fuels.
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